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Karachi, Gadoon Textile Mills Limited, a leading player in the textile industry, has disclosed its financial results for the fiscal year that concluded on June 30, 2023. The company’s Board of Directors convened in a meeting on August 5, 2023, in Karachi, where they put forth several significant recommendations that would impact the company’s shareholders and stakeholders.
Key Recommendations:
1. Cash Dividend: The Board of Directors has proposed a final cash dividend of Rs. NIL per share for the fiscal year ending June 30, 2023. This dividend announcement comes in addition to the interim dividend of Rs. NIL per share that was already disbursed.
2. Bonus Shares: The recommendation includes issuing interim bonus shares, with a proposed ratio of NIL share(s) for every NIL share(s) held by shareholders. This issuance will add to the interim bonus shares previously distributed.
3. Right Shares: The Board’s recommendation also involves the issuance of NIL% right shares at par/at a discount/premium of Rs. NIL per share. Shareholders are entitled to receive these right shares in proportion to their existing shareholding. It’s important to note that the right shares entitlement will not apply to the previously declared bonus shares.
4. Other Corporate Actions: No other specific entitlement or corporate action has been recommended by the Board.
5. Price-Sensitive Information: The company has not shared any other price-sensitive information beyond the recommendations mentioned.
Additionally, the Share Transfer Books of Gadoon Textile Mills Limited will be closed from September 19, 2023, to September 26, 2023 (both days inclusive).
Financial Highlights:
The financial results for the year ended June 30, 2023, illustrate the company’s performance during this period. Gadoon Textile Mills achieved a net sales figure of Rs. 57,997,240,000 compared to Rs. 54,828,147,000 in the previous year. The gross profit stood at Rs. 6,167,845,000, down from Rs. 8,340,757,000 in the prior year. Operating costs, including distribution and administrative expenses, were Rs. 1,324,240,000.
The company reported a profit before taxation of Rs. 4,782,283,000. After accounting for taxation, which amounted to Rs. 1,490,416,000, Gadoon Textile Mills’ profit after taxation was recorded at Rs. 3,291,867,000 for the fiscal year.
The earnings per share (EPS) for the year was Rs. 117.44, showcasing the company’s performance on a per-share basis.
The financial results and recommendations provided by Gadoon Textile Mills Limited’s Board of Directors hold significance for shareholders, analysts, and industry observers as they assess the company’s financial health and its strategies for shareholder value enhancement in the coming months.
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